Government officials being forced out of their homes by threats of violence, Zohran Mamdani’s silence on contentious housing proposals, and a soccer stadium where you’d least expect it. From the wild and wooly world of real estate, here are our Hits and Misses for the week of Oct. 27-31.
Miss: A Matter of Security. One of the most disturbing stories this week was published in The Atlantic, and it detailed how several members of the Trump administration need to live on military bases because of persistent doxxing and thinly veiled threats of violence against their families. Secretary of State Marco Rubio, Defense Secretary Pete Hegseth, Homeland Security Secretary Kristi Noem, and Homeland Security Adviser Stephen Miller have found it impossible to enjoy the sanctity of their homes thanks to left-wing loonies – The Atlantic’s article detailed how Miller’s wife was confronted at her front door by a woman declaring “I’m watching you” while someone plastered wanted posters in their neighborhood giving out their address and calling Miller a Nazi – he’s Jewish, but why let facts get in the way? This is not a new occurrence – remember how the conservative members of the Supreme Court had endless protests outside of their homes after the overturning of the Roe v. Wade, with a would-be assassin trying to get to Justice Brett Kavanaugh? When public officials are being driven out of their homes with intimidation and worse, that’s not the democratic process in motion – and those responsible for such repugnant behavior should be arrested and prosecuted.
Miss: What Say You, Zohran? It seems that everyone has an opinion about Zohran Mamdani, the Democratic Socialist who could be the next mayor of New York City. And while Mamdani has opinions on many hot-button topics relating to the Middle East, he is curiously silent when it comes to three housing-related measures that are on the ballot with him. As the New York Times tartly noted this week, “His evasiveness has continued, even with early voting underway, and just days left until the Nov. 4 election.” The measures involve and faster to approve housing projects financed by the city, simplifying the review of “modest” housing projects, and creating a three-member affordable housing appeals board consisting of the mayor, City Council speaker, and the local borough president that can reverse Council decisions on mixed-income housing proposals. The measures have divided local politicians, labor leaders, and real estate professionals, but as Mamdani insisted in last week’s mayoral debate, “I have not yet taken a position on those.” Someone needs to remind Mamdani that he’s running for mayor of New York City, not Gaza, and that job requires making tough and potentially unpopular decisions.
Miss: Check the Calendar, Grant. Mamdani has certainly stirred up unhappy feelings with prominent real estate investor and happy publicity seeker Grant Cardone, who had a wild declaration on X this week: “If Mandami wins @realDonaldTrump will run for Governor of New York in 2028 and fix the state! This comes from those close to DJT.” Sorry, Grant, but the New York gubernatorial elections are held on a midterm basis – the next races occur in 2026 and then in 2030, not in 2028. I would imagine “those close to DJT” are aware of that.
Hit: Doing the Right Thing. Kudos to the Consumer Financial Protection Bureau (CFPB) for rescinding its Biden-era regulation on the creation of a public registry of nonbank entities and the withdrawal of the 2023 proposal that would have built a registry of nonbank contract terms and conditions. Mortgage Bankers Association President and CEO Bob Broeksmit said it best when he warned the CFPB’s actions “would have created compliance burdens without improving consumer protection or market transparency.” Lest we forget, the “P” in CFPB stands for “Protection” and not “Punishment” – it is tonic to have a federal regulator that doesn’t view the financial services industry as the enemy.
Hit: A Deluxe Soccer Stadium in the Sky. For sheer audacity, nothing this week tops the proposed Sky Stadium that would be perched on a skyscraper rising nearly 1,150 feet in Saudi Arabia’s NEOM smart city that is now under construction. When it is completed, this venue will accommodate up to 46,000 fans and be powered entirely by solar and wind energy. The stadium is slated to being construction in 2027, with a completion planned by 2032. It is one 15 new stadiums planned across the kingdom to accommodate the 2034 World Cup tournaments – and it is certainly going to be the wackiest of the bunch.
In Memoriam: John Bell III. We learned of the passing of John Bell III, who was a leader in the Department of Veterans Affairs’ Loan Guaranty Service program, first as deputy director from 2017 to 2022 and then as executive director until he stepped down in August to become deputy executive director of the VA’s Office of Mission Support. Bell was a US Navy veteran who worked for 15 years in the private sector real estate and mortgage industries before joining the VA. The National Association of Mortgage Brokers issued a statement praising Bell for demonstrating “what true leadership looks like: a dedication to service, a passion for excellence, and an unshakeable commitment to the men and women who have served our country. His accomplishments in streamlining VA lending processes and reducing wait times for veterans have positively impacted countless borrowers and their families.”
And, yes, that cover photo is a reminder for our American readers to set their clocks back this weekend!
Phil Hall is editor of Weekly Real Estate News. He can be reached at [email protected].
Photo courtesy of Cinema-Crazed.com
